Given the bullish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to rise to the next resistance level 1.3265.
GBPUSD reversed from support zone
Likely to rise to resistance level 1.3265
GBPUSD currency pair recently reversed up from the support zone between the strong support level 1.3165 (which stopped the previous sharp wave A at the end of March, as can be seen from the daily GBPUSD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous sharp downward impulse wave C which belongs to the intermediate ABC correction (2) from January.
Given the strength of the aforementioned support level 1.3165, oversold daily Stochastic and the continuation of the bullish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to rise to the next resistance level 1.3265.
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